Simon Property Group (NYSE:SPG) Given New $163.00 Price Target at Scotiabank

Simon Property Group (NYSE:SPG - Get Free Report) had its price objective boosted by stock analysts at Scotiabank from $159.00 to $163.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "sector perform" rating on the real estate investment trust's stock. Scotiabank's target price indicates a potential upside of 3.60% from the stock's previous close.

SPG has been the subject of several other research reports. Mizuho cut their target price on Simon Property Group from $182.00 to $169.00 and set a "neutral" rating for the company in a research note on Tuesday, June 10th. Stifel Nicolaus raised their target price on Simon Property Group from $168.50 to $180.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Wall Street Zen downgraded Simon Property Group from a "buy" rating to a "hold" rating in a report on Saturday, March 29th. Piper Sandler decreased their target price on Simon Property Group from $205.00 to $200.00 and set an "overweight" rating on the stock in a research note on Friday, May 23rd. Finally, JPMorgan Chase & Co. decreased their target price on Simon Property Group from $192.00 to $180.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $179.44.

Simon Property Group Price Performance

Shares of NYSE:SPG traded up $0.24 during midday trading on Tuesday, hitting $157.34. The company had a trading volume of 2,806,493 shares, compared to its average volume of 1,551,184. The business's 50-day simple moving average is $158.69 and its 200-day simple moving average is $167.67. The company has a debt-to-equity ratio of 8.29, a current ratio of 1.45 and a quick ratio of 1.45. The stock has a market cap of $51.36 billion, a price-to-earnings ratio of 25.05, a price-to-earnings-growth ratio of 8.76 and a beta of 1.47. Simon Property Group has a twelve month low of $136.34 and a twelve month high of $190.14.

Simon Property Group (NYSE:SPG - Get Free Report) last posted its earnings results on Monday, May 12th. The real estate investment trust reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.91 by $0.04. The company had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.34 billion. Simon Property Group had a return on equity of 67.32% and a net margin of 35.98%. The firm's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.56 earnings per share. On average, research analysts predict that Simon Property Group will post 12.54 earnings per share for the current year.

Institutional Trading of Simon Property Group

A number of institutional investors have recently bought and sold shares of the business. Pitcairn Co. lifted its holdings in Simon Property Group by 0.6% during the 4th quarter. Pitcairn Co. now owns 9,895 shares of the real estate investment trust's stock worth $1,704,000 after buying an additional 55 shares during the last quarter. Colonial Trust Co SC lifted its holdings in Simon Property Group by 37.5% during the 4th quarter. Colonial Trust Co SC now owns 209 shares of the real estate investment trust's stock worth $36,000 after buying an additional 57 shares during the last quarter. HighPoint Advisor Group LLC lifted its holdings in Simon Property Group by 1.8% during the 4th quarter. HighPoint Advisor Group LLC now owns 3,396 shares of the real estate investment trust's stock worth $626,000 after buying an additional 60 shares during the last quarter. Financial Management Network Inc. lifted its holdings in Simon Property Group by 0.4% during the 4th quarter. Financial Management Network Inc. now owns 15,147 shares of the real estate investment trust's stock worth $2,667,000 after buying an additional 67 shares during the last quarter. Finally, Great Lakes Advisors LLC lifted its holdings in Simon Property Group by 3.7% during the 1st quarter. Great Lakes Advisors LLC now owns 1,908 shares of the real estate investment trust's stock worth $317,000 after buying an additional 68 shares during the last quarter. 93.01% of the stock is owned by hedge funds and other institutional investors.

Simon Property Group Company Profile

Simon Property Group, Inc NYSE: SPG is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.